Galliford Try expects turnover to break through the 拢1bn barrier next year, thanks to recent acquisitions and a resurgent housing market.

The firm鈥檚 pre-tax profit jumped 19% to 拢32m for the year ending 30 June. This rises to 拢34m when a 拢2m exceptional gain from the sale and leaseback of its premises is included.

Under the leadership of chief executive Greg Fitzgerald Galliford Try is considered to be one of the industry鈥檚 growing companies.

The contractor鈥檚 revenues grew 19% to 拢851m and its landbank rose 58% to 4115 units last year.

In construction, profit from operations increased to 拢13.2m on a revenue of 拢629m, giving a margin of 2.1%. Andy Sturgess, head of the construction group, said: 鈥淲hen I came to Galliford Try three years ago I said I wanted the margins to be above 2% so I am pleased with the performance.鈥�

The operating margin in the housebuilding divisions was 14.3% from an operating profit of 拢32m and a turnover of 拢224m.

Galliford Try made two acquisitions during the financial year. In February it bought Chartdale Homes for 拢67m and at the end of March it acquired Morrison Construction for 拢42m.

The company estimates that its revenue next year will 鈥渟ignificantly exceed 拢1bn鈥� as a result of this expansion.

Fitzgerald said the integration of Morrison was progressing well and had given the group a 鈥渟ignificant presence in the Scottish market鈥�.

Profit from operations excluding the acquisitions rose 14% to 拢36m, with 拢2.6m from acquired businesses, resulting in a total of 拢38m.

At the start of the current financial year Galliford Try reorganised its construction group into two divisions: building and infrastructure.

Sturgess now leads the building group and expects turnover to be between 拢550m and 拢600m by June next year. He predicts revenue for the infrastructure group will be about 拢400m.

Fitzgerald said: 鈥淲e have had an excellent year with record financial results. Acquiring Morrison and Chartdale has demonstrated our ability to supplement organic growth with carefully positioned acquisitions that fit our strategy.

鈥淲e have proved the success of our business model in delivering profitable growth and we look forward to reporting further progress in the coming year.鈥�